"My message to you is about the wars
in Iraq and Afghanistan and how to end them," he began.
"Bush said, 'It is better to fight them on their land
than their fighting us on our land.' I can reply to
these errors by saying that war in Iraq is raging with
no letup, and operations in Afghanistan are escalating
in our favor."

He said the lack of Qaeda attacks
within the United States since Sept. 11, 2001, was not
related to improved security and he pointed to terrorist
attacks in Europe as evidence that his fighters could
penetrate all such barriers.

As to what attacks Americans can
expect, he said, "The operations are under preparation
and you will see them in your homes the minute they are
through, with God's permission."

Mr. bin Laden offered the American
people a vague truce, saying "both sides
can enjoy security and stability under
this truce so we can build Iraq and
Afghanistan." Later, he quoted from a
book that calls for an end to what he
termed "American interference in the
nations of the world."

Mr. bin Laden's statement noted that
American opinion polls had shown a
growing desire to withdraw its troops
from Iraq and a feeling that "it is
better that we (Americans) don't fight
Muslims on their lands and that they
don't fight us on ours."

As to an American withdrawal, he
said, "There is no shame in this
solution which prevents the wasting of
billions of dollars that have gone to
those with influence and merchants of
war in America who have supported Bush's
election campaign."

Nearly all of the video and
audiotapes attributed to Mr. bin Laden
in the past turned out to be authentic.
His voice this time sounded somewhat
more labored, lacking the energetic
quality typical of earlier recordings.
There was also a pronounced echo as if
he had been inside a room, in contrast
to previous recordings that seemed to
have been made outdoors or in large
spaces.